Windows provides restore item to the position from where it was deleted.
But I couldn't find any option to restore an item from trash.
Is it possible to restore an item from where it was moved to trashed?
This feature is in Snow Leopard, which is being released this Friday. It's not present in current versions of Mac OS X.
If you recently trashed it, you can undo the move under Edit, Undo. Not nearly as useful if you keep your trash full.
As SidneySM pointed out, this feature has just been added to Snow Leopard.
On all other versions, you will just have to drag-and-drop the file out of the trash and back to where you want it. The trash will not remember where the original location of the file.